Thursday, 25 June 2015

Fuel Scarcity Will Hit Nigeria in 3 Weeks - Seplat CEO

Nigeria might be hit by another round of fuel scarcity in three weeks, according to the head of Seplat Petroleum Development Co Plc.

“In three weeks we will be back to scarcity because we simply don’t have the money to pay for the subsidy,” Austin Avuru, chief executive officer of Lagos-based Seplat, said on Thursday at a Bloomberg conference at the Nigerian Stock Exchange.

Nigeria's economic activities was almost grounded to a halt last month during the country’s worst fuel shortage in a decade due to a dispute between oil-product marketers and the outgoing government.

However, the nation's refineries are scheduled to commence operations before the end of next month.

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